Condensed Consolidated Interim Financial Statements

First Quarter Ended June 30, 2022

(Expressed in Canadian Dollars)

(Unaudited)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

These condensed consolidated interim financial statements of the Company for the period ended June 30, 2022 have been prepared by

management and have not been subject to review by the Company's auditors.

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Financial Position

(Unaudited - Expressed in Canadian Dollars)

June 30, 2022

March 31, 2022

(audited)

$

$

Assets

Current assets

Cash

6,007

74,670

Amounts receivable

2,640

4,474

Prepaid expenses

10,680

15,201

19,327

94,345

Exploration and evaluation assets (note 3)

8,685,246

8,582,099

8,704,573

8,676,444

Liabilities and Equity

Current liabilities

Accounts payable and accrued liabilities

4,213,111

3,976,109

Due to related party (note 5)

638,748

582,043

Loan payable (note 6)

40,963

39,135

4,892,822

4,597,287

Shareholders' equity

Share capital (note 7(a))

18,366,800

18,366,800

Reserves (note 7(c))

3,062,887

3,062,887

Deficit

(17,617,936)

(17,350,530)

3,811,751

4,079,157

8,704,573

8,676,444

See accompanying notes to the condensed consolidated interim financial statements

Nature and continuance of operations (note 1)

Commitments (note 12)

Approved by the Board of Directors and authorized for issue on August 29, 2022

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Comprehensive Loss

(Unaudited - Expressed in Canadian Dollars)

Three Months Ended June 30,

20222021

$$

Operating costs and expenses

Consulting (note 4)

Corporate development and investor relations Interest expense (note 5)

Management fees (note 4) Office and miscellaneous Professional fees

Share-based compensation (note 4) Shareholder communications Trust and filing fees

Loss from operations

Foreign exchange gain (loss)

Net loss and comprehensive loss for the period

Weighted average number of common shares outstanding

Basic and diluted loss per share

-

2,655

2,669

2,901

62,313

53,986

103,394

69,998

11,624

3,954

14,070

-

-

160,735

2,250

-

5,904

4,665

(202,224)

(298,894)

(65,182)

(3,814)

(267,406)

(302,708)

165,324,750

139,538,998

$

(0.00)

$

(0.00)

See accompanying notes to the condensed consolidated interim financial statements

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GALORE RESOURCES INC.

Condensed Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian dollars)

Three Months Ended June 30,

2022

2021

$

$

Cash provided by (used for):

Operating activities

Net loss for the period

(267,406)

(302,708)

Items not involving the use of cash:

Interest accrual

62,313

53,986

Foreign exchange

65,182

473

Share-based compensation

-

160,735

(139,438)

(87,514)

Change in non-cash working capital:

Amounts receivable

1,834

(313)

Prepaid expenses

4,521

Accounts payable and accrued liabilities

131,581

84,173

(1,975)

(3,654)

Investing activities

Exploration and evaluation assets

(94,929)

(6,206)

Financing activities

Advances from related party

28,241

9,637

Increase (decrease) in cash

(68,663)

(223)

Cash, beginning of the period

74,670

344

Cash, end of the period

6,007

121

See accompanying notes to condensed consolidated interim financial

statements

Supplementary disclosure: Refer to note 8.

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Galore Resources Inc. published this content on 30 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2022 08:53:06 UTC.